That risk is concentrated on the 1D MA200. As you see the MA200 on the 1D chart has acted as Resistance on previous occasions especially on the first rebound attempt after the last -13% fall in May 2019. If the price is rejected again (especially if a is made), then we expect a new rejection. On a different occasion (MA200 break out) we expect a new rally towards at least the 2.8800 Symmetrical Resistance (which is our Target).
There are numerous reasons that give more probabilities for a break-out:
* The 1D has bounced on a monthly , which was last hit in July 2018. What followed last time the hit 19.500 on 1D was a strong rally towards the 2.8800 Symmetrical Resistance, which is our Target.
* The current rebound is practically a as it was made near the 2.4800 Low of September 3rd, 2019.
* Last time Copper made a was on January 3rd 2019. The result was a rally even higher than the 2.8800 Symmetrical Resistance.
Previous successful Buy Signal on Copper made last August:
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